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Fidelity National Financial
(NYSE:FNF)
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Rating:75Outperform
Price Target:
$59.00
â–˛(14.30% Upside)
Action:Reiterated
Date:08/07/26
FNF scores well primarily on strong financial performance, especially very strong and improving free-cash-flow generation alongside reasonable leverage. Technicals are supportive with the stock above major moving averages and moderate-positive momentum. Valuation is fair with a solid ~4% dividend yield. The earnings call adds a modest positive tilt due to strong Title/commercial results, tempered by guidance for near-term margin compression and cautious residential demand.
Positive Factors
Free cash flow generation
Sustained, large free cash flow (~$6.6B TTM) with ~14% growth and near‑par conversion to net income (~0.98) provides durable internal funding for dividends, buybacks, tuck‑ins and technology investment, reducing reliance on external financing over the next several quarters.
Negative Factors
Residential market sensitivity
FNF's core title revenues and escrow/closing fees are materially tied to home sales and refinance volumes. Persistently low existing home sales and elevated mortgage rates create a structural revenue headwind that can depress premiums and transaction fees for multiple quarters until housing activity recovers.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained, large free cash flow (~$6.6B TTM) with ~14% growth and near‑par conversion to net income (~0.98) provides durable internal funding for dividends, buybacks, tuck‑ins and technology investment, reducing reliance on external financing over the next several quarters.
Read all positive factors
Fidelity National Financial Key Performance Indicators (KPIs)
Any
Revenue By Segment
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Shows how much revenue each business segment generates, highlighting which areas are driving growth and which may need strategic adjustments.
Data provided by:
The Fly
The FlyFidelity National Financial (FNF) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.76B
Dividend Yield4.28%
Average Volume (3M)1.67M
Price to Earnings (P/E)16.6
Beta (1Y)0.58
Revenue Growth12.68%
EPS Growth-27.30%
CountryUS
Employees24,535
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)2.88
Shares Outstanding268,192,840
10 Day Avg. Volume1,564,122
30 Day Avg. Volume1,669,479
Financial Highlights & Ratios
PEG Ratio-0.47
Price to Book (P/B)1.99
Price to Sales (P/S)1.02
P/FCF Ratio2.32
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$57.50Price Target Upside11.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)5.12
Revenue Forecast (FY)$14.96B
Fidelity National Financial Business Overview & Revenue Model
Company Description
Fidelity National Financial, Inc., or FNF, is a leading provider of various insurance solutions and related services across the United States. The company structures its operations into three primary divisions: Title, F&G, and Corporate and Other....
How the Company Makes Money
FNF’s core earnings are driven by its Title segment, which monetizes real estate transactions by selling title insurance and providing closing and settlement services. The company generates revenue from (1) title insurance premiums: paid in connec...
Fidelity National Financial Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveys a largely positive picture driven by strong Title segment performance (notably a 33% YoY increase in adjusted pretax Title earnings and a 230 bps margin improvement), robust commercial momentum (24% increase in direct commercial revenue for the first half), solid technology adoption (inHere engaging 80% of residential sales), and growth in F&G AUM (+8% YoY). Near-term headwinds include cautious residential/refinance demand due to high mortgage rates, expected modest margin compression in the second half from front-loaded recruiting and tuck-in acquisitions, rising operating costs, and a lower holding-company cash balance. On balance, the favorable operating results, revenue and margin expansion, and strategic investments appear to outweigh the transitory and manageable challenges.Positive Updates
Strong Title Segment Earnings and Margin Expansion
Adjusted pretax Title earnings of $448 million in Q2 2026, up 33% year-over-year. Adjusted pretax title margin reached 17.8% in Q2, an increase of 230 basis points versus Q2 2025.
Negative Updates
Caution on Residential Purchase and Refinance Activity
U.S. existing home sales remain at historically low levels (~4 million annual pace) due to elevated mortgage rates. Management is cautious on residential purchase and refinance activity for the remainder of 2026.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Title Segment Earnings and Margin Expansion
Adjusted pretax Title earnings of $448 million in Q2 2026, up 33% year-over-year. Adjusted pretax title margin reached 17.8% in Q2, an increase of 230 basis points versus Q2 2025.
Read all positive updates
Company Guidance
FNF guided to a modest compression in adjusted pretax title margin in H2 2026 (Q2 margin was 17.8% with $448M of adjusted pretax title earnings), driven by front‑loaded strategic investments (heavy recruiting and tuck‑in acquisitions) even as commercial momentum should persist and residential purchase/refinance activity remains cautious; for the next 12 months they expect $95–$100M of interest and investment income per quarter and roughly $28M per quarter of F&G dividend income to the holding company, will continue provisioning title claims at 4.5% of total title premiums with carried reserves ~ $15M (~1% above actuary central estimate), see regulatory dividend capacity of ~ $200M (and roughly $600M including less‑regulated subsidiaries) for the back half of the year, and reiterated capital returns (Q2 returned ~$195M; ~$417M YTD); operating metrics cited to frame guidance include total orders opened averaging 6,200/day in Q2 (July ~5,900/day, +7% YoY), purchase orders +3% YoY (+7% QoQ), refinance 1,600/day (+16% YoY, -22% QoQ), commercial direct revenue $778M in 1H (+24% YoY) with commercial orders 919/day (+7% YoY), and F&G AUM $74.7B (+8% YoY) with Q2 F&G net sales $1.5B and adjusted net earnings of $65M.Fidelity National Financial Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
72
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.28B | 14.51B | 13.36B | 11.52B | 11.46B | 15.07B |
| Gross Profit | 13.07B | 14.24B | 7.07B | 5.66B | 7.14B | 8.97B |
| EBITDA | 2.90B | 2.52B | 2.69B | 1.46B | 2.34B | 4.10B |
| Net Income | 772.00M | 602.00M | 1.27B | 517.00M | 1.29B | 2.80B |
Balance Sheet | ||||||
| Total Assets | 114.53B | 109.01B | 95.37B | 80.61B | 65.14B | 60.69B |
| Cash, Cash Equivalents and Short-Term Investments | 57.85B | 32.86B | 31.84B | 26.56B | 21.49B | 36.36B |
| Total Debt | 4.74B | 4.77B | 4.71B | 4.28B | 3.66B | 3.51B |
| Total Liabilities | 105.72B | 100.04B | 86.84B | 73.15B | 58.57B | 51.23B |
| Stockholders Equity | 7.45B | 7.42B | 7.75B | 6.91B | 6.12B | 9.41B |
Cash Flow | ||||||
| Free Cash Flow | 5.79B | 6.38B | 6.67B | 6.35B | 4.22B | 3.96B |
| Operating Cash Flow | 5.93B | 6.52B | 6.82B | 6.48B | 4.36B | 4.09B |
| Investing Cash Flow | -5.95B | -9.63B | -7.86B | -9.09B | -10.52B | -7.45B |
| Financing Cash Flow | 329.00M | 2.26B | 1.76B | 3.09B | 4.09B | 5.00B |
Fidelity National Financial Technical Analysis
Negative
51.62
Price Trends
48.96
Negative
48.44
Negative
50.59
Negative
Market Momentum
-0.14
Positive
39.44
Neutral
4.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FNF, the sentiment is Negative. The current price of 51.62 is above the 20-day moving average (MA) of 50.97, above the 50-day MA of 48.96, and above the 200-day MA of 50.59, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 39.44 is Neutral, neither overbought nor oversold. The STOCH value of 4.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FNF.
Fidelity National Financial Risk Analysis
Fidelity National Financial disclosed 10 risk factors in its most recent earnings report. Fidelity National Financial reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fidelity National Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $6.08B | 9.44 | 11.91% | 2.01% | 4.47% | 4.26% | |
81 Outperform | $6.23B | 9.55 | 13.90% | 2.02% | -1.88% | 4.83% | |
80 Outperform | $13.88B | 13.23 | 17.40% | 1.24% | 9.36% | 52.85% | |
75 Outperform | $12.76B | 16.55 | 10.13% | 3.96% | 12.68% | -27.30% | |
71 Outperform | $7.32B | 9.99 | 13.62% | 2.93% | 22.55% | 298.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | $10.79B | 45.05 | 31.03% | 1.20% | 13.83% | 69.95% |
* Financial Sector Average
FNF
Fidelity National Financial
47.67
-8.92
-15.76%
AIZ
Assurant
281.12
70.72
33.61%
FAF
First American Financial
72.30
8.37
13.10%
MTG
MGIC Investment
30.64
3.49
12.86%
ESNT
Essent Group
68.28
6.84
11.13%
RYAN
Ryan Specialty Group
42.87
-17.32
-28.78%
Fidelity National Financial Corporate Events
Executive/Board ChangesShareholder Meetings
Fidelity National Shareholders Approve Governance Changes, Elect Directors
Positive
Jun 11, 2026
At its Annual Meeting held after the April 13, 2026 record date, Fidelity National Financial shareholders elected four Class III directors—William P. Foley II, Douglas K. Ammerman, Thomas M. Hagerty, and Peter O. Shea Jr.—to serve unti...
Executive/Board Changes
Fidelity National Financial Extends CEO Nolan’s Employment Agreement
Positive
May 12, 2026
On May 8, 2026, Fidelity National Financial entered into a First Amended and Restated Employment Agreement with Chief Executive Officer Michael J. Nolan, formalizing a three-year term with automatic annual renewals and maintaining his existing com...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.